Maximum Pension

M

mhaire

Guest
a client has a retained fund of 170K, salary of 30K, 41NB, married. i am trying to calcuate what he is allowed to contribute to age 60 to reach max fund(i.e. 106%) my calculation are as follows:

170000 / 30000 x 9%= 0.509 is this 50.9% or is it 0.5%..?

106%-50.9% or 106%-0.5%....?

i would appreciate all suggestions... thanks
 
i got it from the Revenue Maximum Funding Rate chart, where he is male, 41NB, married gives me 106%...?

does that help at all..
 
That is the max contribution rate...not the max fund.
 
yes, sorry, my mistake.

can you follow my query now..
 
Well in that case the revenue will require an actuarial statement every three years - why don't you get these figures from the scheme's actuary?
 
Mhaire

If he is your client I presume you are charging him a fee.

So what exactly is he paying for if you don't know how the system works ?. Does he know you come to an internet board to find out this stuff ? If he does know, do you think he would be happy ?

I'm sorry to sound severe, but you are "advising" someone on a pension strategy that will have major implications for the rest of your client's life. He/she deserves better. You should know better.
 
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